Procurement of Fund Management Services for University Commercialisation and Spinout Fund

Description

The procurement process was conducted in accordance with the Public Contracts Regulations 2015 (as amended) using the Competitive Procedure with Negotiation as detailed in Regulation 29 of those Regulations. The purpose of this procurement was to procure the services of a single FCA regulated fund manager. The contract will have an initial duration of 10 years, but can be extended by up to a further 10 years, to 20 years in total. The contract value stated in this Contract Notice is an estimate based on assumptions regarding the duration of the contract and the profile of exits from, and impairments, to portfolio companies. As such, the ultimate fees paid under the contract could be lower or higher than the estimated contract value stated in this Contract Award Notice and is likely to be higher in the event that additional capital is committed to the fund which facilitates the extension of the investment period beyond the initial 5 year period.